Stock Trading App Removes Crypto Price Tracking After Debut

NEWS
Wolfie Zhao
May 31, 2018 at 09:00 UTC  |  Updated  May 31, 2018 at 10:29 UTC

A popular Chinese mobile stock trading app appears to have removed its cryptocurrency price tracking feature just two weeks after the new service went live – possibly due to regulatory rumblings in the country.

Reports first emerged on May 17 that the app – called Tong Huashun (or "Straight Flush" in literal translation) – had added the crypto-asset price tracking feature in its iOS version. The service offered a real-time price index for major cryptocurrencies by market capitalization, such as bitcoin, bitcoin cash, ethereum, XRP and litecoin, though did not provide in-app crypto trading.

According to the company's 2017 financial statement filed with the Shenzhen Stock Exchange, Tong Huashun reported 11 million daily active users on its free mobile stock trading app.

Currently, however, searching for the feature inside the application leads to a page that indicates the service does not exist.

Meanwhile it remains unclear what has led to the change. At press time, representatives from the company have yet to respond to CoinDesk's request for comment on the reasons for the change.

However, the news comes after municipal-level government mouthpiece Beijing News called the application's crypto tracking service "questionable" and "walking a thin line."

Citing a legal expert from the Bank of China, the report on May 17 said that, although the offering may not fall under the existing scope of China's ban on token trading, it should be noted that the ban is not exclusive and could be extended to China-based platforms that merely provide data on cryptocurrency prices.

Chinese stock board image via Shutterstock

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